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Nifty slips below10,300 mark; Metal, FMCG stock declines

Domestic share indices started the session on a weak note, tracking global markets, which were subdued on US import tariff concerns, and led by continued weakness in commodity-related and banking stocks.

At 11:33 AM, the BSE Sensex was trading at 33,445, down 240 points, while the Nifty50 was ruling at 10,290, down 70 points.

In the broader market, the BSE Midcap and the BSE Smallcap indices inched higher by 0.15% and 0.40%, respectively.

Shares of Aurobindo Pharma, up 1.5%, led gains on Nifty50 after the company received the US Food and Drug Administration’s approval for generic of Ziagen drug.

ITDC stock soared 10.5% on the BSE. The stock gained for second consecutive session on the back of heavy volumes.

JP Associates stock rallied 10% after Rare Enterprises bought 3cr shares or 1.2% equity stake in the company at Rs18.37 per share valuing the deal at Rs55cr.

Shares of metal and mining companies continued their weakness. The Nifty Metal index fell 1.1%, declining for the third straight day, led by 5% fall in shares of Coal India as they traded ex-dividend today.

The Nifty Commodities and the Nifty Energy indices also fell nearly 1% each in early session.

Banking stocks also extended the recent weakness as the Nifty PSU Bank and the Nifty Bank indices fell over 0.5% each.

Shares of pharmaceutical companies were among the top performers in morning trade, with the Nifty Pharma index rising 0.5%.

The volatility index, India VIX down 0.34% at 14.2800.

Aurobindo (+2%), M&M (+1.8%), Zee (+1.5%), Yes Bank (+1.3%) and Hindalco (+1%) were the top gainers on Nifty50.

IOC (-1.6%), UltraTech (-1.2%), BPCL (-1.1%), NTPC (-1.1%) and HPCL (-1%) were the top losers in today’s trade.

A total of 10 stocks registered a fresh 52-week high in trade today, while 14 stocks touched a new 52-week low on the NSE.